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FORENSIC AUDITING AND FINANCIAL PERFORMANCE OF SELECTED QUOTED BANKS IN NIGERIA
1.1 INTRODUCTION
Forensic auditing , which is likewise called investigative accounting or extortion review, is a merger of criminological science and accounting. Legal science as per Crumbley (2003) “might be characterized as utilization of the laws of nature to the laws of man” and alludes to measurable researchers as analysts and mediators of proof and realities in lawful cases and offers specialists’ feelings with respect to their discoveries in the courtroom. The science being referred to here is accounting science, implying that the examination and understanding will be of monetary data.
Joshi (2003) characterized forensic auditing as the “utilization of particular information and particular aptitude to stagger up on the confirmation of monetary exchanges.” Zysman (2001) puts scientific accounting as the joining of accounting, inspecting, and investigative abilities. Basically, forensic auditing is accounting that is reasonable for lawful survey, offering the most abnormal amount of confirmation and including the now by and large acknowledged meaning of having been touched base at in a logical manner (Crumbley 2006). Coenen (2005) expressed that scientific accounting includes the use of accounting ideas and strategies to legitimate issues. It requests announcing where the responsibility of the misrepresentation is set up, and the report is considered as proof in the official courtroom or in the regulatory continuing (Joshi). It gives a accounting examination that is appropriate to the court, which will frame the premise of exchange, face off regarding, and eventually question determination (Zysman 2001).
This implies forensic auditing is a field of specialization that needs to do with the arrangement of data that is intended to be utilized as proof, particularly for legitimate purposes. The people honing in this field (i.e., legal accountants) explore and report money related misrepresentation and professional wrongdoings, for example, embez-zlement and research charges of extortion; appraise misfortunes, harms, and resources; and break down complex monetary exchanges. They give these administrations to corpo-proportion, lawyers, criminal examiners, and the Government (Coenen 2005). Their commitment is generally designed for finding where the cash went, how it arrived, and who was dependable. They are prepared to look past the numbers and manage business reality of the circumstance (Zysman 2001).
1.2 STATEMENT OF PROBLEM
Fake exercises in a business bank setting may negatively affect the reasonability, execution, maintainability and notoriety of advertisements banks. Cheats in Nigerian business banks have displayed a lasting issue to the business saving money administration and controllers alike. The event of false exercises in the business saving money area has been archived in different examples. For instance, as of late, the volume and recurrence of false practices in Nigerian banks have been on the expansion. As indicated by the Nigeria Deposit Insurance Corporation (NDIC), the level of announced misrepresentation in Nigerian banks ascended from N804m in 1990 to N3, 199m out of 1998. Moreover, the extent of genuine/anticipated that misfortune would the sum associated with misrepresentation ascended from 3 for each penny in 1990 to 22 for each penny in 1998. Maybe one of the most elevated misrepresentation at any point detailed in a specific year by a Nigerian bank happened in 1998 when United Bank for Africa plc discounted N786m because of extortion (Uche, 2001). Overseeing Director, Nigeria Deposit Insurance Corporation (NDIC), AlhajiUmaru Ibrahim said – in 2012 alone, store cash banks detailed an aggregate of 3,380 instances of endeavored misrepresentation and imitations including N18.04 billion to the organization, an aggregate loss of N4.5 billion was recorded amid the year under survey (2012). This speaks to a 43.7 for every penny rise contrasted with 2,352 cases in 2011. Along these lines, in the main quarter of 2013, 983 instances of endeavored misrepresentation including N7.80 billion was accounted for, while the genuine misfortune for the quarter was N2.05 billion. Ibrahim stated, digital related misrepresentation examples represented 341 cases bringing about a real loss of N75 million in the main quarter of 2013 (NDIC, 2013).
Managing an account misrepresentation is an issue to different partners. In the first place, it lessens the gainfulness of a bank and this may prompt decreased firm esteem emerging out of low profits to investors. In the extraordinary case, it might debilitate the going worry of the business bank and this may affect adversely on investor riches. The contributors might be contrarily influenced by bank misrepresentation particularly in the event that it prompts a bank run. This may prompt colossal misfortunes on client stores. Because of banking extortion, some staff in the business has either been rejected, or has their arrangement ended or rashly resigned. This implies some accomplished delivers the segments are lost because of their contribution in fakes and fabrications. The workers might be influenced by losing their activity if there should be an occurrence of twisting up or liquidation of a bank because of extortion.
Down turn in the Economy all in all, both the political and financial circumstance declined from terrible to more awful with naira seeing an uncommon downgrading of 1,300% inside five years. As at December 2008 and January 2009 the naira conversion scale with the remained between #149 to #150 per $1.Devil at that point discovered employment as sit still hands were intended to take part in one sort of extortion or the other while “419, cocaine pushing, billion naira bank cheats”, getting to be general highlights of our daily paper, Television and Radio features. (Ulokings back eco and occupations 2009)
Research on misrepresentation in business banks has gotten a great deal of academic consideration. A string of studies (Akindele, 2011);(Chi-Chi and Ebimobowei, 2012), Famous and Okoeguale,(2012),(Odi 2013) , have concentrated on the effect of extortion on business banks execution while another string has concentrated on the components affecting or fueling the event of misrepresentation (Idowu,2009),(Nwaze,2006), (Ovuakporie,1994), (Ogunleye,2010). In any case, none of these investigations have offered Forensic auditing as an answer for managing an account execution. This investigation contends that forensic auditing may have a part to play in keeping money execution. Along these lines, this investigation goes for inspecting the impact of legal accounting on the execution of Nigerian saving money segment.
1.3 OBJECTIVES OF THE STUDY
The aim of this seminar paper is to evaluate the effect of forensic auditing on the performance of Nigerian banking sector. The specific objectives of this study include the following;
- To examine the effect of forensic audit on the net profit margin of selected Nigerian banks.
- To evaluate the effect of forensic audit on profit after tax of Nigerian banks.
- To ascertain the effect of forensic audit on retained earnings and dividend per share of Nigerian banks.
1.4 RESEARCH QUESTIONS
- To what extent does forensic audit affect the net profit margin of selected Nigerian banks?
- What are the effects of forensic audit on profit after tax of Nigerian banks?
- To what extent does forensic audit affect retained earnings and dividend per share of Nigerian banks?
1.5 STATEMENT OF HYPOTHESES
- Forensic audit does not have any significant effect on the net profit margin of selected Nigerian banks.
- Forensic audit does not have significant effect on profit after tax of Nigerian banks.
- Forensic audit does not affect retained earnings and dividend per share of Nigerian banks.
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